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Real VisionOctober 27, 2020
Active vs. Passive - The Endgame
Managing editor, Roger Hirst, sits down with Lee Robertson, CEO and founder of Octomembers.com, to explore how the future of active management will impact the opportunities and risks available to investors. Robertson attributes the current outflows from active into passive not only to insufficient performance to justify active manager's higher fees, but also to a younger cohort of investors entering the market, who are more interested in thematic investing and daily liquidity than they are in having a hedge fund manager make big bets on their behalf. Hirst and Robertson discuss the move for traditional asset managers to become passive asset-gathering and for hedge fund to re-invent themselves as long-only shops. Lastly, they look forward to how technology will impact the future of investing, such as blockchain driving down the frictional costs of transactions. Key learnings: Fee compression for active managers will likely continue. The days of the "all-star trader" are gone, and it is the risk manager who holds the keys to power. Yet the narrative of "the death of active management" is overblown as there are fantastic managers out there who are delivering consistent alpha.
Real VisionOctober 26, 2020
Daily Briefing - October 26, 2020
Senior editor, Ash Bennington, joins managing editor, Ed Harrison, to talk through the social, political, and economic ramifications of the various U.S. presidential election outcomes in tandem with the risk of a more forceful and perhaps lethal second wave of COVID-19. Ash and Ed discuss how the policy outcomes in a Biden administration are more limited than what a Trump administration would be such as the fate of FAANG and Trump's recent executive order regarding the dismissal of civil servants. They also consider what would happen to stimulus after the election, how markets have priced in a blue wave and how the outcome could be deviations away from expectations, and what the policy response might be to a rise in hospitalizations. Ed also explains the impact the hysteresis effect could have on the economy and consumers as well as how that may lead to more durable consumption changes post-COVID. Real Vision reporter Haley Draznin analyzes China's Ant Group raising $34 billion, making it the largest IPO in history.
Real VisionOctober 23, 2020
Raoul Pal: The Biggest Trade in the World
Real Vision CEO, Raoul Pal, arrives to the Daily Briefing frothing at the mouth with Bitcoin bullishness. Senior editor, Ash Bennington, tries in vain to contain Raoul's enthusiasm, but with Bitcoin up over 20% this month, Raoul's zeal simply cannot be restrained, and he proceeds to go at length about how this asset will become a global reserve asset as the world moves along an adoption curve of trust. Raoul and Ash proceed to discuss the ongoing progress to make crypto-assets easier to own for RIAs and institutional investors, and Raoul reflects on the relative risk/reward profile of bitcoin at a time with record low bond yields and a stock market at all-time highs. In the intro, editor Jack Farley breaks down the new Frankenstein of the fixed income world: the CLO ETF.
Real VisionOctober 23, 2020
Macro Mayhem: Filtering the Signal from the Noise
Raoul Pal, CEO and co-founder of Real Vision, welcomes back Keith McCullough, founder and CEO of Hedgeye Risk Management, to analyze how divergent indicators in inflation and growth are revealing trading signals for bonds, commodities, and equities going forward. McCullough breaks down his "Quad"-based investment process, going in greater depth on how "risk ranges" affect his trading across various asset classes such as corn, Chinese and Spanish equities, and Treasury Inflation-Protected Securities (TIPS). Pal and McCullough explore how investors should think about liquidity risks, position sizing, and risk allocation, and the two discuss the role of these factors during a time with such confounding economic data. Filmed on October 21, 2020. Key Learnings: The interplay of volatility, volume and price offers asymmetric opportunities across all asset classes. The rate of change of inflation and growth can be an effective way to determine when to bet on high-conviction trades.

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